Precious Metals Rally as Gold Surges 10%, Silver Rockets 15.5%

The precious metals market saw significant gains in August, as gold rose by 10% to $4,447 and silver surged by 15.5% to $66.55.

This marked a long-awaited turn of events, ending a five-month wait for the next leg up in the trend. It's also worth noting that silver moved more strongly than gold, which is seen as a positive sign for the entire precious metals market.

Another key development was the performance of central banks, which continued to be net buyers of gold for the 15th consecutive year. This marks their tenth strongest half-year since the financial crisis by volume and their second highest in terms of dollars spent.